FX.co ★ Advance Auto Parts Provides Weak FY24 Outlook On Continuing Operations Basis - Update

Advance Auto Parts Inc. (AAP), an automotive aftermarket parts provider, released its financial results for the third quarter on Thursday, revealing a revised and weaker outlook for fiscal year 2024. This update follows the anticipated completion of the Worldpac sale on November 1, 2024. The company now estimates its earnings from continuing operations will range between a loss of $0.60 and breakeven per share, with net sales projected to be around $9.00 billion. This forecast includes an anticipated decline in comparable store sales of approximately 1 percent.

Previously, Advance Auto Parts had projected earnings between $2.00 and $2.50 per share, with net sales ranging from $11.15 billion to $11.25 billion, and an expected change in comparable store sales from a decline of 1 percent to stable.

Analysts consulted by Thomson Reuters have forecasted that the company will post earnings of $1.67 per share with sales totaling $9.69 billion for the year. It is important to note that these analyst estimates usually exclude special items.